Long-term investment in Gia Lai - Making the impossible possible

On May 21, Gia Lai People's Committee held the“Gia Lai Investment Promotion Conference 2022”. The conference welcomed the participation of Prime Minister Pham Minh Chinh, Deputy Minister of Agriculture and Rural Development Phung Duc Tien and other leaders of ministries and branches.

According to reports at the conference, Gia Lai province has attracted 515 investment projects in the 2016-2021 period with a total registered capital of over VND 830,000 billion, of which 237 projects have been granted investment policy decisions and investment registration certificates.

The agriculture sector has 31 projects with an investment capital of VND 2,314 billion. The processing and mineral industries have 141 projects with an investment capital of VND 8,690 billion. Commerce, services, healthcare and education have 24 projects with an investment of VND 1,231 billion. Technical infrastructure has 17 projects with an investment capital of VND 1,565 billion. In 2021 alone there are 60 projects approved to decide on investment policies with a total capital of VND 29,000 billion. 

At the conference, a list of 112 projects calling for investment in the 2021-2025 period was issued by Gia Lai People's Committee, including 50 infrastructure construction projects, 18 industry projects, 22 agriculture projects, 22 commerce, service and tourism projects.

Mr. Vo Ngoc Thanh, Chairman of Gia Lai People's Committee, said that in the context that Vietnam had had to face many socio-economic difficulties and challenges due to the impact of the Covid-19 pandemic, the year 2021, which had just passed, was actually a year of prosperity for the province's economy.

The total GRDP in 2021 increased by 9.71% compared to 2020. State budget revenue reached nearly VND 7,900 billion. Total social investment reached VND 70,000 billion. Import and export turnover reached USD 1,480 million -  2.2 times higher than the figures in 2020.

These results were achievable thanks to the Government’s attention and support particularly in terms of attracting investment and putting projects into operation in 2021.

There were large projects completed and put into operation in 2021 that had created a boon for Gia Lai province's economy: 11 wind power projects with a total capacity of 563 MW, total investment capital of over VND 20,000 billion; beef cattle farm project of Trung Nguyen Cow Livestock One Member Company Limited with a total investment of VND 1,162 billion and a capacity of 100,000 heads/year; hi-tech herb and fruit tree growing project of Hung Son High Technology Agriculture Joint Stock Company with a scale of 217 ha and an investment capital of VND 149 billion; refined sugar extra (RE) production line project with an investment capital of VND 1,100 billion and a capacity of 1,000 tons/day.

"We have advantages, but disadvantages exist as well. We need to build an economy that is self-reliant and actively integrating, not self-sufficient. If the economy is not actively integrated, then it won't be able to develop further. Gia Lai’s biggest treasures are the people, the land, as well as historical and cultural traditions. These three pillars can decide the development of the province," said Prime Minister Pham Minh Chinh at the conference.

Prime Minister Pham Minh Chinh also said that the economic development plan of Gia Lai province must create a breakthrough that leads to new drives. An important point was the deep investment in transport infrastructure, economy, culture and society. “Do not implement in a scattered manner. We must develop with a clear focus in mind.”

The Prime Minister suggested investors bring out the full potential of Gia Lai's strengths, improve technology innovation, and develop clean and green energy. They must research with great enthusiasm, all for the goal of in-depth and long-term investment, and from there “making the impossible possible.”

Gia Lai possesses many favorable potentials for industrial and commercial development especially in the processing and renewable energy industries. The province effectively promotes the inherent conditions, opening a new "door" to welcome potential investors in three strong fields, including hi-tech agriculture, processing and renewable energy, and tourism.